By Josh Richardson (NMLS 2448184) and Anna Richardson (NMLS 2045806) | Updated September 2026
An FHA loan lets Tampa Bay buyers purchase with as little as 3.5% down and a credit score of 580 or higher. In exchange, you pay mortgage insurance premiums (MIP), and how long you pay them depends on how much you put down.
The basics
FHA loans are insured by the Federal Housing Administration and issued by approved lenders. They are popular with first-time buyers, but you do not have to be a first-time buyer to use one. The home must be your primary residence and must meet FHA property standards.
What FHA mortgage insurance costs
| Item | 2026 amount |
|---|---|
| Upfront MIP | 1.75% of the loan, which can be financed into the loan |
| Annual MIP, 30-year loan, less than 5% down | 0.55% of the loan balance per year |
| Annual MIP, 30-year loan, 5% or more down | 0.50% of the loan balance per year |
If you put down 10% or more, annual MIP cancels after 11 years. With less than 10% down, it lasts for the life of the loan, though many borrowers refinance into a conventional loan once they reach 20% equity.
Down payment and credit
FHA allows 3.5% down with a 580 credit score. Lower scores can qualify with a larger down payment, and lenders may set stricter minimums of their own, which is one reason we compare several lenders.
FHA loan limits in Tampa Bay
HUD sets FHA loan limits by county each year. We confirm the current limit for Hillsborough, Pinellas, Pasco or wherever you are shopping before you start looking at homes.
FHA or conventional?
FHA often wins when your credit score or down payment is modest. A conventional loan can cost less over time if your score is strong, because private mortgage insurance can be removed later. We run both side by side so you see the actual monthly payment. [Link to your FHA vs conventional page.]
Need help with the down payment? See our Tampa Bay first-time home buyer programs guide for current assistance from the City of Tampa, St. Petersburg, Pinellas and Hillsborough counties, and Florida Housing.
Frequently asked questions
Can I use an FHA loan for a condo in Tampa Bay? Only if the condo project is FHA-approved. We check the approval status early.
Can family help with my down payment on an FHA loan? Generally yes, as a documented gift. We tell you exactly what paperwork the lender needs.
Is FHA only for first-time buyers? No. Repeat buyers can use FHA if the home will be their primary residence.
Ready to talk? Call (727) 888-6650 or start a pre-qualification.
Your Home Loan Team, powered by GoRascal (NMLS 2072896), Tampa, FL. Equal Housing Opportunity. All loan approvals are conditional, not guaranteed, and subject to lender review of all information. A loan is conditionally approved when the lender has issued an approval in writing, but until all conditions are met, a loan cannot be funded. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. GoRascal is an Equal Opportunity Mortgage Broker headquartered in Brooklyn, NY. This licensee is performing acts for which a mortgage broker license is required. GoRascal is licensed by the Florida Office of Financial Regulation, NMLS# 2072896. GoRascal is approved to originate Conventional, FHA, VA, and USDA loans, and has the ability to broker such loans to Conventional, FHA, VA, and USDA approved lenders. GoRascal is not acting on behalf of or at the direction of HUD/FHA or the VA. Government & Licensing Disclosures | NMLS Consumer Access
